Barbeque Nation Hospitality, backed by CX Partners and Alchemy Capital, fixed a price band of Rs 498-500 per share for its initial share sale, which will open for public subscription on March 24.
It has fixed a price band of Rs 498-500 per share for its initial share sale
Barbeque Nation Hospitality, backed by CX Partners and Alchemy Capital, fixed a price band of Rs 498-500 per share for its initial share sale, which will open for public subscription on March 24.
The three-day public issue will conclude on March 26, according to the company.
The initial public offer comprises a fresh issue of shares worth Rs 180 crore and an offer-for-sale of up to 54,57,470 equity shares.
Equity shares aggregating up to Rs 2 crore have been reserved for eligible employees.
At the upper end of the price band, the IPO is expected to fetch Rs 453 crore.
The company has already raised Rs 150 crore through a pre-IPO placement from Xponentia Capital and Jubilant Foodworks.
Proceeds from the issue will be utilised to fund the company's capital expenditure for expansion and opening of new restaurants besides, prepayment or repayment of certain borrowings and expenses related to general corporate purposes.
The company is promoted by Sayaji Hotels, Sayaji Housekeeping Services, Kayum Dhanani, Raoof Dhanani, and Suchitra Dhanani.
The promoters hold 60.24 per cent, CX Partners owns 33.79 per cent, and Jhunjhunwala's investment firm Alchemy Capital holds 2.05 per cent of the company.
The total operating revenue of the company in 2019-20 was Rs 850.8 crore and the CAGR from 2018-17 to 2019-20 was at 19.5 per cent.
Barbeque Nation Hospitality, which filed preliminary papers in February last year, received Sebi's approval in July 2020 to float the IPO.
The issue is being managed by IIFL Securities, Axis Capital, Ambit Capital, and SBI Capital Markets.
Barbeque Nation Hospitality, owns and operates Barbeque Nation Restaurants.
It also operates Toscano restaurants and UBQ by Barbeque Nation Restaurant.
As of December 2020, Barbeque Nation Hospitality operates 147 outlets across India and six outlets across three countries -- UAE, Oman, and Malaysia.
Earlier in 2017, the company had filed IPO papers with Sebi seeking to raise Rs 700 crore. However, the regulator kept the processing of the company's proposed IPO in abeyance "pending regulatory action for past violations" and finally approved the IPO plan in January 2018.
Although, the company could not launch the initial share-sale due to adverse market conditions.